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Boyan Jovanovic, Peter L. Rousseau
NBER Working Paper No. 8166
Issued in March 2001
NBER Program(s): AP
DAE
---- Abstract -----
We study 114 years of U.S. stock market data and find That there are large cohort effects in stock prices, effects that we label 'organization capital,' That cohort effects grew at a rate of 1.75% per year, That the debt-equity ratio of all vintages declined, That three big technological waves took place: electricity (1895-1930), a 'World War II' wave (1945-1970), and information technology (1971-), and That organization capital tends to grow fastest during the second half of a technological wave.
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